'The Digital Innovation Playbook' Excerpt

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Gathering new product and market ideas from communities that care about them seems like a no-brainer. But successfully mining and cultivating social networks requires companies to play by a new set of rules that include openness and a willingness to experiment.

Harnessing the collective wisdom of an online community is a powerful concept. But in order to pull it off, companies must be committed to being completely open with the community about their own goals and motives. Otherwise, you’re back to plain old marketing.

In this book excerpt, "Harnessing Social Media Intelligence, Smartly," author and innovation strategist Nicholas J. Webb speaks to executives at crowdsourcing pioneer Spigit about tools that not only allow users to submit new ideas, but to grow and refine them as a community. These principles can apply both inside and outside organizations, as evidenced by a customer revolt on Facebook and Twitter after retailer Gap changed its logo. Consumers now have a voice — it’s best to listen.